Treasury Assistant Secretary Timothy Massad to Step Down

Michael R. Crittenden was first with the news on Oct. 4 that Timothy Massad, who has overseen the Treasury Department’s bank rescue program for the past three years, will step down as the assistant secretary for financial stability, a Treasury official said. The departure of Mr. Massad, who runs the Troubled Asset Relief Program for the Obama administration, comes as he is being considered to succeed Gary Gensler as chairman of the Commodity Futures Trading Commission, according to people familiar with the matter.

WASHINGTON–Timothy Massad, who has overseen the Treasury Department’s bank rescue program for the past three years, will step down as the assistant secretary for financial stability, a Treasury official said.

The departure of Mr. Massad, who runs the Troubled Asset Relief Program for the Obama administration, comes as he is being considered to succeed Gary Gensler as chairman of the Commodity Futures Trading Commission, according to people familiar with the matter.

Mr. Massad, a long-time corporate lawyer, said in an interview he has no immediate plans beyond finishing out his role at Treasury. He is expected to leave the department soon.

Treasury Secretary Jacob Lew said Mr. Massad’s management of TARP, including its efforts to bring the program to a close, has provided “incredible benefits to the American economy.”

“His deep financial experience, good judgment and legal ability helped TARP promote financial stability, assist homeowners, and put taxpayers in a position to earn a positive return on actions taken to combat the financial crisis,” Mr. Lew said.

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